Flipkart has further invested Rs 1,632.81 crore in Instakart Services Pvt. Ltd, which operates its logistics arm eKart, reports by VCCircle. The portal found out the development in company’s ministry of corporate affairs’ filings. VCCircle reports that infusion has been done through Singapore-based group company Klick2Shop Logistics Services International Pte by allocating equity shares at Rs 62.51 per share.
Klick2Shop had earlier invested Rs 961.4 crore in eKart in October 2017. Earlier, in January 2016, eKart had secured Rs 666.49 crore from Klick2Shop by allocating 66.64 crore shares at Rs 10 per share.
The update comes on the sidelines of the report that Chinese conglomerate Alibaba Group is investing $100 million in Pune-based logistics company XpressBees.
As of now Flipkart’s direct battle in India is with Amazon, which is too strengthening its logistics power in the country. In November, Amazon India’s logistics arm Amazon Transportation Services (ATS) further received funding of Rs 130 crore from the US parent. ATS received Rs 207 crore worth of funding from Singapore-based Amazon Corporate Holdings and Amazon Malaysia, in June, and before that, it had received Rs 67 crore in September 2016.